Sip Investments: A Simple Way to Achieve Your Personal Goals

by | Jun 19, 2019 | 0 comments

By Author: Raghav Mehera

Everyone has aspirations in life, and it requires effort and planning for their fulfilment. SIPs can help you chart a definitive path towards success in your ambitions. Since money plays a pivotal role in the realisation of your dreams, it is essential to make prudent investments. Investing through SIP can help achieve desired results in your various life goals. Let us look at some key goals which can be made possible through smart investing with SIPs.

● Child Education: The wellbeing of children is the priority of every parent. Education is the key to the success of kids and needs a lot of focus. Depending on the age of the child and approximate year of graduation, you can plan their educational expenses.

Use SIP planner tools that gives suggested schemes based on your needs. Just enter your target amount, and when you need it. By entering some personal details like your age, your annual income, and your savings percentage, the fund house portals can recommend the right equity and debt funds. They can also provide you with the monthly SIP payment you have to make to achieve your goal.

● Wealth Building: If you want to have considerable savings and build your wealth, then it is better to plan early. You can take advantage of the compounding benefit of SIP plans to amass wealth. Decide how long you plan to invest for. After considering factors like your selling and buying preferences during market fluctuations, and your earnings, you can choose to invest in LargeCap and other funds with moderate to moderately high-risk factors. Investing through SIP on more than one fund will ensure that your wealth grows over time in spite of market variations.

● Retirement Planning: When planning for retirement, the earlier the better. By keeping a tab on your expenses for a longer period, you can enjoy a retirement life free of financial worries. By knowing what age, you plan to retire, and how much money you would like at the end of your SIP plan, you can learn about your monthly instalments to fulfil your goal. Retirement solutions involve medium to long term investment, and you can select to invest in appropriate funds through SIP.

● Saving Taxes: Investments through “Equity Linked Savings Scheme” (ELSS) SIP can offer you a tax benefit under Section 80C for an investment of up to a 1.5 lakhs per year. You can save a notable amount in taxes depending on your tax bracket through ELSS SIPs which invests mainly in equities. The three-year lock-in period ELSS SIPs is lower compared to other tax saving options.

● Plan for Your Dream Vacation: In recent times, people have understood the importance of taking a break from the dreariness of everyday life. In order to go on your desired vacation, estimate the amount of money required for it. When you plan to go to your favourite holiday destination and how much ahead you plan for it is essential.

By using online tools, you can get a fair idea of the amount of money you need to pay in phases. Mostly short term and ultra-short-term funds with moderate to moderately low risks are recommended for vacation plans. Your SIP Investments can include a mix of equity and debt funds to minimise risks and help you enjoy a vacation in your favourite holiday destination.

Apart from the goals mentioned above, you can invest in SIP to achieve other goals as well, such as owning a house, covering wedding expenses and more. Each financial goal needs individual attention and planning. Making a specific investment strategy and investing through SIP can help you achieve your dreams with ease.


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